Welcome!

News Feed Item

Oak Valley Bancorp: Notification of Untimely Form 8-K Filing

OAKDALE, CA -- (Marketwired) -- 05/20/14 -- Oak Valley Bancorp (NASDAQ: OVLY) inadvertently failed to timely file a Form 8-K for the press release dated April 18, 2014 related to its operating results for the quarter ended March 31, 2014. This press release serves solely as notification of the Form 8-K late filing and there are no revisions to the operating results that were presented in the press release dated April 18, 2014, which is included below.

Oak Valley Bancorp Reports 1st Quarter Results

OAKDALE, CA -- Oak Valley Bancorp (NASDAQ: OVLY), the bank holding company for Oak Valley Community Bank and Eastern Sierra Community Bank, recently reported consolidated financial results. For the three months ended March 31, 2014 consolidated net income available to common shareholders was $1,408,000, or $0.18 per diluted common share. This compared to consolidated net income of $1,300,000 and net income available to common shareholders of $1,232,000, or $0.16 per diluted common share for the same period a year ago.

Total assets were $687.6 million at March 31, 2014, an increase of $39.2 million, or 6.0%, over March 31, 2013. Gross loans increased by $32.5 million to $422.5 million as of March 31, 2014, an increase of 8.3% over March 31, 2013. The Bank's total deposits were $616.0 million as of March 31, 2014, an increase of $35.8 million, or 6.2% over March 31, 2013.

Net interest income for the three months ended March 31, 2014 was $6.1 million, an increase of $255,000, or 4.4% over net interest income of $5.8 million for the same period last year. The net interest margin for the three months ended March 31, 2014 was 4.04%, compared to 4.05% for the same period last year.

"We are pleased to report another strong quarter of earnings and are excited about the momentum we've maintained with regard to lending activity following the strong finish in 2013. Our confidence in the growth potential and future opportunities in the communities we serve grows stronger every day," stated Chris Courtney, President and CEO.

Non-interest expense for the quarter ended March 31, 2014 totaled $4.9 million, an increase of $242,000 or 5.2% over the same period of 2013. This was due in part to a modest increase in salaries and benefits, as full time equivalent staffing rose from 134 employees to 142, as of March 31, 2014 compared to March 31, 2013, as we added staff to support continued deposit and loan growth. Deposit servicing costs related to year-over-year increases in deposit accounts and corresponding transaction volume also contributed to the increase in non-interest expense. Non-interest income increased by $25,000 or 3.2% during the first quarter as compared to prior year, primarily due to service charge income from the increased volume of deposit accounts.

As of March 31, 2014 non-performing assets were $6.2 million or 0.90% of total assets, compared to $6.4 million or 0.99% of total assets as of March 31, 2013. There was no provision for loan losses during the three months ended March 31, 2014, compared to $100,000 during the same period last year. The allowance for loan losses totaled 1.80% of gross loans at March 31, 2014 compared to 1.99% at March 31, 2013.

The Company currently operates through 14 branches in Oakdale, Sonora, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, three branches in Modesto, and three branches in their Eastern Sierra Division, which includes Bridgeport, Mammoth Lakes, and Bishop.

For more information, please call 1-866-844-7500 or visit www.ovcb.com.

This press release includes forward-looking statements about the corporation for which the corporation claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the corporation's possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, including increased energy costs in California, credit quality of borrowers, operational factors and competition in the geographic and business areas in which the company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.


                             Oak Valley Bancorp
                      Financial Highlights (unaudited)

($ in thousands,
 except per
 share)
Selected             1st         4th         3rd         2nd         1st
 Quarterly         Quarter     Quarter     Quarter     Quarter     Quarter
 Operating Data:    2014        2013        2013        2013        2013

  Net interest
   income        $    6,104  $    6,372  $    6,030  $    6,024  $    5,849
  Provision for
   loan losses            -           -         100         100         100
  Non-interest
   income               810         812         866         818         785
  Non-interest
   expense            4,881       4,668       4,619       4,734       4,639
  Net income
   before income
   taxes              2,033       2,516       2,177       2,008       1,895
  Provision for
   income taxes         625         809         672         634         595
                 ----------  ----------  ----------  ----------  ----------
  Net income          1,408       1,707       1,505       1,374       1,300
  Preferred
   stock
   dividends              -           -           -           -          68
                 ----------  ----------  ----------  ----------  ----------
  Net income
   available to
   common
   shareholders  $    1,408  $    1,707  $    1,505  $    1,374  $    1,232
                 ==========  ==========  ==========  ==========  ==========

  Earnings per
   common share
   - basic       $     0.18  $     0.22  $     0.19  $     0.18  $     0.16
  Earnings per
   common share
   - diluted     $     0.18  $     0.22  $     0.19  $     0.18  $     0.16
  Dividends paid
   per common
   share         $     0.10  $        -           -           -           -
  Return on
   average
   common equity       8.59%      10.47%       9.45%       8.48%       7.82%
  Return on
   average
   assets              0.84%       1.01%       0.92%       0.86%       0.81%
  Net interest
   margin (1)          4.04%       4.19%       4.12%       4.18%       4.05%
  Efficiency
   ratio (2)          68.29%      63.05%      64.65%      67.17%      67.95%

Capital - Period
 End
  Book value per
   common share  $     8.40  $     8.14  $     7.99  $     8.01  $     8.10

Credit Quality -
 Period End
  Nonperforming
   assets/ total
   assets              0.90%       0.48%       0.68%       0.65%       0.99%
  Loan loss
   reserve/
   gross loans         1.80%       1.83%       1.85%       1.94%       1.99%

Period End
 Balance Sheet
($ in thousands)
  Total assets   $  687,591  $  671,853  $  659,192  $  644,230  $  648,418
  Gross loans       422,510     419,438     413,856     390,647     389,992
  Nonperforming
   assets             6,164       3,256       4,495       4,189       6,439
  Allowance for
   loan losses        7,615       7,659       7,669       7,570       7,743
  Deposits          615,997     602,633     591,642     577,129     580,215
  Common equity      67,824      64,517      63,379      63,457      64,098

Non-Financial
 Data
  Full-time
   equivalent
   staff                142         136         135         134         134
  Number of
   banking
   offices               14          14          14          14          14

Common Shares
 outstanding
  Period end      8,071,355   7,929,730   7,929,730   7,924,730   7,914,730
  Period average
   - basic        7,878,152   7,803,247   7,802,705   7,802,012   7,778,333
  Period average
   - diluted      7,941,456   7,859,380   7,851,157   7,842,964   7,830,439

Market Ratios
  Stock Price    $     9.41  $     8.37  $     7.96  $     7.67  $     8.14
  Price/Earnings      12.98        9.64       10.40       10.86       12.67
  Price/Book           1.12        1.03        1.00        0.96        1.01

(1) Ratio computed on a fully tax equivalent basis using a marginal federal
 tax rate of 34%.
(2) Ratio computed on a fully tax equivalent basis using a marginal federal
 tax rate of 34%, and a marginal federal/state combined tax rate of 41.15%
 for applicable revenue.

Contact:
Chris Courtney/Rick McCarty
Phone: (209) 848-2265
www.ovcb.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with b...
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
"We are a well-established player in the application life cycle management market and we also have a very strong version control product," stated Flint Brenton, CEO of CollabNet,, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., and Logan Best, Infrastructure & Network Engineer at Webair, focused on real world deployments of DDoS mitigation strategies in every layer of the network. He gave an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He also outlined what we have found in our experience managing and running thousands of Linux and Unix ...
In his session at @DevOpsSummit at 19th Cloud Expo, Yoseph Reuveni, Director of Software Engineering at Jet.com, will discuss Jet.com's journey into containerizing Microsoft-based technologies like C# and F# into Docker. He will talk about lessons learned and challenges faced, the Mono framework tryout and how they deployed everything into Azure cloud. Yoseph Reuveni is a technology leader with unique experience developing and running high throughput (over 1M tps) distributed systems with extre...
"Operations is sort of the maturation of cloud utilization and the move to the cloud," explained Steve Anderson, Product Manager for BMC’s Cloud Lifecycle Management, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
UpGuard has become a member of the Center for Internet Security (CIS), and will continue to help businesses expand visibility into their cyber risk by providing hardening benchmarks to all customers. By incorporating these benchmarks, UpGuard's CSTAR solution builds on its lead in providing the most complete assessment of both internal and external cyber risk. CIS benchmarks are a widely accepted set of hardening guidelines that have been publicly available for years. Numerous solutions exist t...
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...